Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0041%/8h= −4.5% APRpaid last 24h +0.006%

Price spread now: Bybit against QFEX+0.004%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$440.437% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.058%+$6 on $10k

Price spread, last 7 days+0.042%+$4 · spread now +0.004%, 7d avg +0.044%

Together, before fees+0.101%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.040% cheaper against QFEX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.044%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.058%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX NBIS-USD	231.16	0.0041	pay 0.0005% / 1h	2m 01s	$1.5M	$3.7M	10x
Short	Bybit NBISUSDT	231.17	0	get 0.0000% / 8h	2m 01s	$4.9M	$6.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against QFEX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee QFEXbpFee BybitbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$8.55
Price spread: +0.004% → +0.044%: −$3.98
Slippage, 4 orders: −$22.69
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$56.23
Costs to cover: 0.437%
Break-even: never at this rate

Slippage from QFEX: live order book, 6 min ago; Bybit: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy QFEX live order book, 6 min ago	2.16 bp	8.8 bp −$9	11.7 bp −$117	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	2.38 bp	15.0 bp −$15	77.9 bp −$779	doesn't fit	doesn't fit

NBIS on 31 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NBISUSDT	−0.0359%	8h	231.14	−0.009%	$2.3M	$4.6M	20x	as long as short
BloFin NBIS-USDT	−0.0024%	8h	231.21	+0.022%	$204K	$212K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	231.19	+0.014%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	231.17	+0.005%	$145K	$876K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	231.13	−0.013%	$18.8M	$88.0M	25x	as long as short
Bybit NBISUSDTshort	0.0000%	8h	231.17	+0.004%	$4.9M	$6.7M	50x
OKX NBIS-USDT-SWAP	0.0000%	8h	231.07	−0.039%	$3.3M	$16.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	231.15	−0.004%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	231.07	−0.037%	$2.8M	$590K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	231.02	−0.061%	$4K	$115K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NBIS-USDT	0.0000%	8h	231.25	+0.039%	$1K	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	231.04	−0.052%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	231.17	+0.004%	$1.6M	$972K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0010%	1h	231.09	−0.030%	$34K	$49K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.99	−0.074%	$42K	$131K	5x	as long as short
QFEX NBIS-USDlong	+0.0041%	1h	231.16	long leg	$1.5M	$3.7M	10x
Vest NBIS-USD-PERP	+0.0046%	1h	231.04	−0.052%	—	$223K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	231.12	−0.017%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	231.12	−0.017%	$83	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.94	−0.095%	$150K	$542K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	230.90	−0.112%	$357K	$810K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.92	−0.104%	$475K	$32K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	231.18	+0.009%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	231.15	−0.004%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0119%	1h	231.07	−0.039%	$54.1M	$21.2M	10x	as long as short
Nado NBIS-PERP	+0.0171%	1h	231.07	−0.041%	$38K	$116K	3x	as long as short
Lighter NBIS	+0.0256%	1h	231.13	−0.013%	$939K	$4.1M	10x	as long as short
Phoenix NBIS	+0.0312%	1h	231.11	−0.022%	$7K	$125K	10x	as long as short
Entropy io:NBIS	+0.0404%	1h	231.07	−0.039%	$10.1M	$3.1M	10x	as long as short
edgeX NBISUSDC	+0.0505%	4h	230.94	−0.097%	$37K	$227K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0540%	1h	231.14	−0.007%	$23K	$15K	20x	as long as short